Rexford Obtains Five Industrial Assets for $68M

Rexford Industrial Realty Inc. recently acquired five industrial properties comprising 79,305 square feet of improvements on 18.8 acres for an aggregate purchase price of $68.1 million throughout Southern California. The acquisitions were funded using a combination of cash on hand and 1031 disposition proceeds. The company also announced the disposition of one industrial property for $8.2 million.

“These investments acquired through off- and lightly marketed transactions demonstrate the strength and uniqueness of the Rexford platform. Our proprietary access to the nation’s strongest industrial market in infill Southern California also enables superior return on invested equity and favorable cash flow growth, as we leverage our specialized value-add expertise,” say Howard Schwimmer and Michael Frankel, co-chief executive officers of the company. “As the Southern California high vaccination rate and low COVID case count drive further re-opening of businesses and public facilities combine with unprecedented e-commerce demand growth, our last-mile Southern California logistics portfolio is exceptionally well-positioned within the nation’s highest-demand and lowest-supply industrial market. Rexford’s strong embedded internal growth and extensive external growth prospects are enabled by a low-leverage fortress-like balance sheet with approximately $525 million of additional investments under contract or LOI.”